KUWAIT: Fitch Ratings has affirmed Gulf Bank’s Long-Term Issuer Default Rating at ‘A’ with a Stable Outlook. Fitch has also affirmed the Bank’s Viability Rating (VR) at ‘bbb-’. According to the recently published Fitch Ratings commentary, Fitch stated that: “Gulf Bank’s Issuer Default Ratings reflect potential support from the Kuwaiti authorities, as reflected in its Government Support Rating (GSR) of ‘a’.” Fitch also added in their commentary: “Gulf Bank’s Viability Rating (VR) reflects the bank’s good domestic franchise, cautious risk approach, good loan quality and capitalization, and stable funding.”

Commenting on Fitch’s credit rating announcement, Dalal Al-Dousari, Gulf Bank’s Deputy General Manager of Investor Relations said: “We are delighted to receive Fitch’s affirmation of our Long-Term Issuer Default Rating at ‘A’ with a ‘Stable’ outlook. This recognition highlights Gulf Bank’s strong domestic market position, prudent risk management practices, and stable funding base, all of which underscores the Bank’s leading position in the local banking sector.”

Gulf Bank continues to be well recognized in terms of its credit worthiness and financial strength internationally as it is rated ‘A’ by three major credit rating agencies. In addition to Fitch Ratings’ recent affirmation of Gulf Bank’s Long-Term Issuer Default Rating at ‘A’ with a Stable Outlook, Gulf Bank has a Long-term Foreign Currency Rating of ‘A+’ with a ‘Stable’ Outlook by Capital Intelligence Ratings and a Long-Term Deposits rating of ‘A3’ with a ‘Positive’ Outlook by Moody’s Investor Services.